On Thursday evening, the Ministry of Finances submitted a draft bill in Parliament which brings a number of changes to the existing Public Revenue Collection Code. The purpose is to adapt the legislation to the new Tax Procedures Core, which will come into effect in the New Year.
The amended regulations essentially change the current system of confirmation and payment. Amongst the innovations is that for the first time the lender the ability to chose which debts will be paid off. Until recently the tax authorities determined the sequence of debts to be paid off.
According to the Ministry’s draft bill, tax services will only be obliged to send out warnings for the confiscation of real estate. In cases where bank accounts, wages and rent payments are to be seized, no warnings are necessary. Another article states that after two months, an additional 10% levy is imposed, on top of late payment fees.
